S.B. 1459 - Credentialing Issues - Financial

04/24/2014

Sponsor: CA Senate Committee on Banking and Financial Institutions

Summary: Current version (4/21/2014): Requires an applicant for a mortgage loan originator license to complete two hours of approved education related to relevant state law and regulation. Requires a current licensee to complete one hour of continuing education related to relevant state law.

Outlook: This measure was withdrawn by the sponsor, amended and re-referred to the Senate Banking and Financial Institutions Committee. The author's amendment is technical in nature. The committee is set to hear this measure during the April 30 meeting. Written testimony should be submitted in advance of the hearing. Generally, measures are acted upon during their public hearing if they are considered by the committee. Action will be taken at the discretion of the chairman.

This measure was amended March 28. The amendment removes the increase in the number of hours of approved education and continuing education that must be completed prior to licensure. The measure now awaits a hearing in its committee of referral.

This measure was introduced by the Senate Banking and Financial Institutions Committee which also serves as the committee of referral. The measure has not gained the support of any cosponsors. Democrats control both chambers of the Legislature.